1月29日消息，尽管 2025 年的加密周期被大量叙事包装为“基本面驱动”，但机构资金的真实流向却呈现明显分化。以以太坊为例，2025 年价格回调约 11%，但链上活跃度持续走高。Fuska 与 Pecta 升级显著降低费用、缓解拥堵，单日交易量一度突破 230 万笔，显示网络效率在 2026 年周期中开始释放红利。然而，资本却并未同步大规模回流。
资金动向的背离在 ETF 市场尤为明显。本周加密相关 ETF 总体流出接近 6.64 亿美元，而 Chainlink 的 Grayscale ETF（GLNK）却逆势吸引约 405 万美元资金。同期，以太坊相关产品则出现超过 5200 万美元的净流出。来自 SoSoValue 的数据还显示，LINK 的 ETF 资金表现甚至领先于市值更高的 DOGE，这种差异并不像短期轮动，更像是长期配置的选择。
在 DeFi 竞争加剧的背景下，Chainlink 正加速巩固其基础设施地位。DeFiLlama 数据显示，所有 Layer-1 的总锁定价值已回升至约 1700 亿美元，创 2022 年熊市以来新高，稳定币、RWA 与人工智能等板块同步扩张。Chainlink 也积极嵌入这些增长引擎，近期加入韩元稳定币全球联盟 GAKS，使其在韩国稳定币体系中占据关键节点。
更重要的是，Chainlink 网络的总担保价值（TVS）在 2025 年第四季度达到约 700 亿美元，反映出其预言机所支持的真实资产规模。高 TVS 意味着更强的信任度与更深的应用黏性，也解释了为何机构资金开始将 LINK 视为少数具备持续基本面支撑的高市值资产之一。
在 DeFi 复苏与现实资产上链并行的周期中，Chainlink 正从“工具型协议”向“核心金融基础设施”演进。ETF 资金与链上指标的共振，正在重塑市场对 LINK 的长期价值认知。
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